Voluntary Termination of Car Hire Purchase

[Crispybacon]

Hi All

I am looking to VT the Hire Purchase Agreement of a car we currently 'own'.

The car is on a 36 month agreement with the 18th payment being paid in October.

However this won't quite cover the 50% I need to just hand the car back as the final months payment of the agreement is a little bigger than the normal payments.

Am I correct in saying that if I sent a VT letter with a cheque to make up the 50% then this would be acceptable for me to terminate the agreement?

Thanks in advance

Crispy

[seduraed]

Re: Voluntary Termination of Car Hire Purchase

to operte your rights the account must be up to date with no defaults orlate payments . check the original agreement the amount ned to reach the halfway point is listed. there are ften sneaky set charges and so forth which add to the number of payments that need to be made . also if there is any form of insurqnce it will have dinished the amount actually applied to the loan. get a up to date statement showing the exact mount paid on the loan if you can afford it make one more payment and with that include your statement of voluntary termination. I really dont know if acheque payment is acceptable . I do know the finance comany will do everything in their power to wriggle out of the VT and try to make it a VS so you still owe them money .

[James820]

Re: Voluntary Termination of Car Hire Purchase

HI,

I am about to take out a HP agreement with Blue Motor Finance. Their rate is particularly good, but the one thing that bothers me is that in their documentation, it does not mention the VT clause.
Am I correct in my understanding that even if they don't have this clause, that because of it being written into statute, that should my future circumstances change and i need to use the VT, then I am still able to do so?
Thanks